The Domestic LC is a crucial financial instrument used in South African domestic trade transactions where parties seek a secure payment mechanism. It is particularly useful when dealing with new business relationships or large-value transactions within South Africa where payment security is paramount. The document outlines the terms under which the issuing bank will make payment to the beneficiary, typically upon presentation of specified documents proving that goods have been shipped or services rendered. The Domestic LC follows South African banking regulations and practices, providing a structured framework for domestic trade finance. It includes specific details about the transaction, required documents, payment terms, and conditions that must be met for the LC to be honored.
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1. Issuing Bank Details: Full name, registration number, and address of the issuing bank
2. LC Reference Number: Unique identification number assigned to the Letter of Credit
3. Date of Issue: Date when the Letter of Credit is issued
4. Applicant Details: Full name, registration number and address of the party requesting the LC
5. Beneficiary Details: Full name, registration number and address of the party in whose favor the LC is issued
6. Currency and Amount: Specification of the currency and the maximum amount for which the LC is issued
7. Expiry Date: Date and place of expiry of the Letter of Credit
8. Available With: Specification of where and how the LC is available (e.g., by sight payment, deferred payment)
9. Required Documents: List of documents that must be presented for the LC to be honored
10. Payment Terms: Specific conditions and timing of payment
11. Presentation Period: Time period within which documents must be presented
1. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited
2. Transhipment: Include when specifying whether transhipment is allowed or prohibited
3. Insurance Coverage: Include when specific insurance requirements need to be detailed
4. Special Conditions: Include when there are additional terms or conditions specific to the transaction
5. Transfer Provisions: Include when the LC needs to be transferable
6. Description of Goods/Services: Include when the LC is for specific goods or services that need detailed description
7. Bank-to-Bank Reimbursement Instructions: Include when specific reimbursement arrangements between banks need to be detailed
1. Schedule A - Document Requirements: Detailed list and specifications of required documents
2. Schedule B - Goods/Services Specification: Detailed description of the goods or services covered by the LC
3. Schedule C - Special Payment Terms: Detailed payment terms and conditions if complex
4. Appendix 1 - Form of Demand: Standard format for presenting a demand under the LC
5. Appendix 2 - Form of Transport Documents: Specified format for transport documents if required
6. Appendix 3 - Form of Certificate: Template for any required certificates
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Construction
Mining
Agriculture
Energy
Telecommunications
Transport and Logistics
Import/Export
General Commerce
Professional Services
Relevant Teams
Trade Finance
Credit
Treasury
Banking Operations
Legal
Compliance
Commercial Operations
Finance
Procurement
Sales
Risk Management
Documentary Credits
Account Management
Relevant Roles
Trade Finance Manager
Credit Manager
Financial Controller
Treasury Manager
Banking Operations Manager
Commercial Director
Finance Director
Procurement Manager
Sales Manager
Legal Counsel
Compliance Officer
Documentary Credits Specialist
Account Relationship Manager
Chief Financial Officer
Risk Manager
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